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By
Reuters
Published
May 11, 2010
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Shoe Carnival sees strong first quarter profit as sales top view

By
Reuters
Published
May 11, 2010

May 10 (Reuters) - Shoe Carnival Inc (SCVL.O) raised its profit outlook for the first quarter, as sales for the period came in well above analysts' expectations, sending the footwear retailer's shares up 4 percent in after-hours trade.


Photo: www.shoecarnival.com

The company, which operates 311 footwear stores, projected a first-quarter profit of 70 cents a share to 72 cents a share, up from its earlier view of 54 cents a share to 58 cents a share.

Analysts on average had expected a profit of 61 cents a share, according to Thomson Reuters I/B/E/S.

Sales rose 13 percent to $189.5 million for the quarter ended May 1, surpassing analysts' estimates of $184.5 million. Same-store sales rose 13.1 percent.

Shares of the Evansville, Indiana-based retailer rose 4 percent at $26.49 in extended trade. They had closed up 6 percent at $25.50 Monday 10 May on Nasdaq. (Reporting by Viraj Nair in Bangalore; Editing by Roshni Menon)

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